President Donald Trump is pushing to unveil his administration's "Tax Cuts 2.0" plan, which calls for cuts for the middle class, by September, two months before the 2020 presidential election, National Economic Council Director Larry Kudlow has confirmed.
"We’d love to have a 10% middle class tax cut, and we would love to strengthen and make permanent some of the other tax cuts," the veteran financial guru and former Ronald Reagan adviser told Fox Business' Maria Bartiromo for an interview airing Friday night on her "Wall Street" program.
"In the meeting in the Oval (Office) two days ago, he looked at me and he said 'let's get it out by September,'" said Kudlow, who served as the Trump campaign's senior economic adviser.
"It'll come out sometime in September," said Kudlow, who worked as Reagan’s budget deputy between 1981 and 1985.
The Trump administration's signature legislative achievement was a tax overhaul in 2017. The massive $1.5 trillion legislation reduced tax rates for corporations and individuals, but the personal income tax cuts were set to expire after 2025, Reuters reported.
The tax cuts have been criticized by Democrats for favoring businesses and the wealthy over average Americans. Rolling out a proposal in September could strengthen Trump's hand ahead of the Nov. 3 presidential election.
One proposal the Trump administration is considering is creating tax incentives intended to encourage U.S. households to invest in the stock market, CNBC reported on Friday, citing four senior administration officials.
A separate payroll tax cut would be an option only if the strength of the economy drastically declined, CNBC reported, citing two senior Trump administration officials.
The White House declined to comment on the report.
Meanwhile, Kudlow added that Russ Vought, acting director of the Office of Management and Budget, has "put together a $1.4 trillion plug to make tax cuts permanent, and we'll use that to craft our package."
Several individual tax cuts included in the 2017 Tax Cuts and Jobs Act are set to expire in 2025.
Last week, Vice President Mike Pence also confirmed that "Tax Cuts 2.0" is "absolutely coming" before the year is out.
"It's one of the reasons why we will focus so much attention on making sure not only do we get President Donald Trump four more years in this White House, but we will make sure that we re-elect a Republican Senate and elect a Republican House of Representatives," he told Fox Business' Stuart Varney.
Material from Reuters has been used in this report.
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